Insight
US Lower 48 upstream M&A: updated metrics and deal watchlist
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Report summary
The Lower 48 continues to dominate global upstream M&A. Halfway through 2024, total spend in US onshore is nearly six times greater than all other regions combined and showing no signs of slowing. But market dynamics are changing. While mega deals in the Permian defined last year’s deal flow, watch for relatively smaller transactions to define the market as recent large buyers focus on asset disposals and high grading their portfolios. Buyer interest is shifting too, with more focus turning to non-Permian tight oil basins as West Texas deals keep pricing toward perfection. However, the Permian is far from fully consolidated and still offers the best opportunity to build scale. Click through for our take on the latest M&A trends and 12 marketed, rumored, or upcoming deal opportunities throughout the Lower 48.
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